JAYRIDE (ASX:JAY), the online global marketplace for airport transfers, has successfully raised $5 million, setting it up for further growth through 2020.
The funds were raised via an initial $3.2 million placement to new investors revealed on 14 November then upscaled with a further $1.8m from existing shareholders announced today.
Managing Director Rod Bishop said the additional funds will be deployed in product and technology as the business continues to scale.
“We are delighted to complete this capital raise and welcome the support of our new and existing shareholders,” said Bishop.
“It is a strong endorsement of our strategy as we continue our rapid growth to serve our travellers globally at scale.
“We will deploy the funds into new technology to enhance the traveller experience, so that travellers keep coming back time and time again.”
Jayride now offers airport transfers in 100+ countries through partnerships with 3400+ transport companies and is booking more than 1000 passenger trips each day.
Bishop, members of the board including Chairman Andrey Shirben and senior management participated in the capital raise, which saw Thorney Technologies (ASX:TEK) emerge as a significant investor with just over five per cent of the business.
The Thorney Investment Group is an experienced online travel industry investor, backing Webjet (ASX:WEB) well before it became a stock market darling.
Thorney Chairman Alex Waislitz said Jayride has first mover advantage in the airport transfers niche and a promising future.
“Jayride has identified a global online travel market niche and is building out a worldwide transport network in more than 100 countries,” Mr Waislitz said.
“They have good technology and first mover advantage. We believe they have a promising future.”
